Teaneck is a well-run town!
But don’t take our word for it! There’s independent proof.
Every year, independent auditors review our municipal financial records and processes and Moody’s rates us for bonding.
Moody’s rated Teaneck with the second highest rating “Aa2”
Here’s the bottom line on our deficiencies:
In my previous post, I spoke about misinformation regarding bonding and how taxation works for various projects. Today, I want to speak to the projects contemplated for Stop & Shop, American Legion Drive, and Cedar Lane.
- Fact: Teaneck wants and has always wanted, Stop & Shop to stay and thrive (and even expand) in its current location.
- Fact: Teaneck never asked or pressured Stop & Shop to close or move; Stop & Shop is not looking to close or move.
- Fact: Other than concepts discussed by the parties, no plans exist for the area and no plans have been approved either by the Council or the Planning Board.
- Fact: Any future plans for the area are still subject to many open public meetings, with legal notice
- Fact: All plans being contemplated are voluntary to help businesses in the area.
So what’s been happening with Stop & Shop?
Of all the issues I speak to residents about, this may be one where the most misinformation is being spread.
Let’s talk about what’s been happening here.
Most people agree that we want a robust Stop & Shop that serves the needs of the town. At that point, the rumors spread like wildfire.
On the Township Website, Stop & Shop & the Township posted a joint statement:
“Stop & Shop, in conjunction with the Township of Teaneck, is issuing this memo in the hope of dispelling the rumors circulating in the community that Stop & Shop’s Teaneck store might close. The Township never asked or pressured Stop & Shop to close its store and Stop & Shop is not looking to close or move from its present Teaneck location on American Legion Drive.”
So what is the Town trying to do?
Continue reading “Combatting Misinformation: Stop & Shop (American Legion Drive)”
One area which has a lot of people sharing misinformation is Municipal Bonding.
FACT: Teaneck’s Bonding Ratio is the lowest of neighboring municipalities (links to State numbers below).
Bonding or municipal debt is a terrific thing when used appropriately. The current council has one of the lowest bonding percentages compared with neighboring towns and comparisons to other parts of your tax bill show the benefits.
Let’s explain the basics:
For the following three projects, would you prefer the Town / BOE tax or bond the items?
- 5.35 miles of road repaving (cost is approx. $1M per mile)
- $5.35M for Renovation of Kindergarten Building & Admin Offices by Thomas Jefferson Middle School
Let’s start with some basic facts:
- Value of all land in Teaneck (as of 10/01/2020): $5,188,972,400
- Value of Average Residential Assessment: $387,405
- Percentage of total land value: .007466%
(stats from “User-Friendly budget” available on Township website)
Share of each $5.35M project for the average homeowner = $399.43
The $399.43 can be paid through the tax levy (all at once) or bonded (at near-zero interest) to be paid back over decades.
Bonding a project or paying for it through direct levy is a policy and financial decision that affects YOU!
So what would you prefer? Pay it all now or $19.97 a year for 20 years?
Let’s see how it works for two theoretical homeowners (you and a neighbor)
As you can see below, by bonding for roads, we pay them over time. If you choose to move, you only paid for the period you lived in Teaneck and used the item. But when the Kindergarten renovations and BOE Offices were taxed directly through the local levy, you paid all of it — in 2019 dollars, despite the fact you may not have intended to live here the following 20 years.
Interest Rates Matter Continue reading “Combatting Misinformation: Bonding”